Bridgewater Bank Annual Report

Bridgewater Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (dollars in thousands, except share data)

Note 24: Quarterly Condensed Financial Information (Unaudited) The following tables present the unaudited quarterly condensed financial information for the years ended December 31, 2018 and 2017:

2018 Quarter Ended

March 31

June 30 September 30 December 31

(dollars in thousands) Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,710 $ 20,392 $ 22,136 $ 23,988 Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,947 4,493 5,502 6,546 Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,763 15,899 16,634 17,442 Provision for Loan Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 900 1,275 800 Net Interest Income after Provision for Loan Losses . . . . . . . 14,163 14,999 15,359 16,642 Noninterest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 485 814 857 Noninterest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,532 6,464 7,526 11,040 Income Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 8,018 9,020 8,647 6,459 Provision (Benefit) for Income Taxes . . . . . . . . . . . . . . . . . . . . . . 2,068 2,274 2,184 (1,302) Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,950 $ 6,746 $ 6,463 $ 7,761 Earnings per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.23 $ 0.22 $ 0.22 $ 0.26 Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.23 $ 0.22 $ 0.21 $ 0.25 (dollars in thousands) Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,612 $ 15,774 $ 17,384 $ 18,576 Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,421 2,702 3,323 3,727 Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,191 13,072 14,061 14,849 Provision for Loan Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 825 1,200 1,200 Net Interest Income after Provision for Loan Losses . . . . . . . 11,241 12,247 12,861 13,649 Noninterest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 486 987 583 Noninterest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,254 5,271 6,109 8,862 Income Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 6,467 7,462 7,739 5,370 Provision (Benefit) for Income Taxes . . . . . . . . . . . . . . . . . . . . . . 2,384 2,665 3,064 2,036 Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,083 $ 4,797 $ 4,675 $ 3,334 Earnings per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.17 $ 0.20 $ 0.19 $ 0.14 Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.16 $ 0.19 $ 0.19 $ 0.13 Note 25: Subsequent Events Stock Repurchase Program On January 22, 2019, the Company adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to $15 million of its common stock during the 24-month period beginning on January 22, 2019. The stock repurchase program permits the Company’s management to acquire shares of the Company’s common stock from time to time in the open market in accordance with Rule 10b-18 of the Securities Exchange Act or in privately negotiated transactions at prices management considers to be attractive and in the best interests of the Company and its shareholders. The stock repurchase program does not obligate the Company to repurchase shares of its common stock, and there is no assurance that the Company will do so. 2017 Quarter Ended March 31 June 30 September 30 December 31

122